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As Nigeria pushes toward its ambitious $1 trillion economy target, a former insurance executive is positioning the financial services sector—and the newly enacted tax law—as twin pillars of macroeconomic transformation.
Rashidat Adebisi, former Executive Director of AXA Mansard, has formally launched what she calls “The Re-Architecture Project,” a sweeping strategic initiative designed to align Nigeria’s insurance and financial infrastructure with the federal government’s long-term economic aspirations.
Coming at a time when the industry is adjusting to the sweeping provisions of the Nigeria Insurance Industry Reform Act (NIIRA 2025) and a newly restructured tax framework, Adebisi argues that Nigeria stands at a decisive inflection point.
“This is not just reform,” she says. “It is a watershed moment. The future of finance in Africa will not be inherited. It will be architected.”
Insurance as the “Secret Sauce” of a $1 Trillion Economy
With insurance penetration in many African markets still below 3 percent, Adebisi believes the sector remains one of the most under-leveraged engines of economic stability.
“The path to a trillion-dollar economy requires more than capital,” she explains. “It demands a total re-architecture of how financial systems interact with the real economy—especially the informal sector, which accounts for over 60 percent of employment across Africa.”
Through The Re-Architecture Project, she reframes insurance not as a transactional product, but as economic infrastructure.
“Insurance is the net that allows a nation to jump higher,” she says. “Every decimal point in a financial model represents a business stabilised and a future secured.”
Her argument is straightforward: no economy can sustainably scale without risk buffers. For Nigeria to deepen industrialisation, expand SMEs, and unlock intergenerational wealth, it must close what experts call the “protection gap”—the vast difference between insurable risk and actual coverage.
NIIRA 2025: From Regulatory Burden to Competitive Advantage
The Nigeria Insurance Industry Reform Act (NIIRA 2025) has sparked intense debate across boardrooms. But Adebisi views it as a structural reinforcement rather than regulatory friction.
The Act introduces capital recalibration requirements, stronger governance frameworks, and enhanced consumer protection measures.
According to her, these reforms are not obstacles but foundational pillars for long-term competitiveness.
“Those who view compliance as a burden will struggle,” she says. “Those who see it as a competitive advantage will thrive.”
She describes NIIRA 2025 as a necessary recalibration—one that strengthens institutional rigour while accelerating digital transformation.
For Nigeria to credibly pursue a $1 trillion GDP milestone, she insists that financial institutions must demonstrate global-standard resilience, governance discipline, and transparency.
“Capital alone is not enough. We need invisible infrastructure—Trust, Access, and Regulatory Clarity,” she adds.
Integrating the Informal Sector: From Economic Invisibility to Wealth Creation
A core pillar of The Re-Architecture Project is what Adebisi calls “Engineering Inclusive Ecosystems.”
Central to this is the FileAm App, a digital platform designed to simplify tax compliance for SMEs and informal entrepreneurs.
The initiative seeks to move small businesses from economic invisibility into formal digital rails—where tax registration, insurance coverage, and credit ecosystems become interconnected.
By building digital identity and verifiable credentials, compliance becomes more than a civic duty; it becomes a wealth pipeline.
“Compliance becomes credit history. Credit history becomes capital access. And capital access becomes intergenerational wealth,” she explains.
The model aims to convert fragmented micro-enterprises into documented economic actors capable of attracting financing, insurance protection, and long-term growth capital.
New Tax Law: Civic Duty Meets Economic Opportunity
Beyond insurance reform, Adebisi has also weighed in on Nigeria’s new tax law, offering a nuanced but supportive stance.
She acknowledges that the timing and communication around the law could have been better handled.
“Maybe the timing could have been better managed,” she notes. “But whether we like it or not, we must embrace our civic responsibility.”
Her primary concern is not the substance of the law but the clarity of its communication.
“The messaging is too technical. Too much big grammar. People need to know simply—what has changed? In reality, about 60 percent of it is not new.”
According to her, poor communication has fueled distrust, particularly among small business owners who fear increased burdens.
But she insists that much of the anxiety is misplaced.
“This new law actually gives more free passes than before,” she says. “If you are a nano market player or very small SME, you are exempt from paying tax. You only need to register and keep proper records.”
Registration, she argues, is the first step toward visibility.
“And when you grow beyond nano level, you will know. At that point, you can file properly. Some will even receive exemption certificates.”
Trust Deficit and Accountability
Adebisi does not shy away from the deeper issue—public distrust.
“People don’t trust government because they don’t know what the money will be used for,” she says.
However, she believes that broader tax participation could strengthen accountability.
“By the time we pay more taxes, we will hold the government more accountable,” she argues, pointing to emerging examples of improved public service delivery in some regions.
For her, taxation is not merely about revenue; it is about civic engagement and nation-building.
Bridging the Last Mile
One of her strongest critiques concerns implementation.
She argues that policymakers often assume that launching an online portal guarantees adoption.
“The tax authorities believe everybody will just go online. But that’s not how human behaviour works,” she says.
Drawing parallels from her insurance background, she notes that simply building digital systems does not ensure usage.
“We built online insurance platforms too. It doesn’t mean people automatically go there.”
Instead, she advocates for a hybrid approach—combining digital tools with trusted offline intermediaries embedded in communities.
Through The Re-Architecture Project, her team is building both individual-facing tools and a network of tax consultants to serve as last-mile partners.
“We are creating an offline partner system,” she says. “Many tax consultants themselves don’t have digital applications. So we are building for them too.”
The goal is to create a curated network of “elite” tax intermediaries capable of guiding nano and small businesses through registration, compliance, and eventual scaling.
Designing the Africa of Tomorrow
As a self-described Financial Systems Architect, Adebisi summarises her blueprint in three principles: Data-aware. Policy-conscious. Africa-focused.
Her vision extends beyond Nigeria. She believes Africa’s financial future will depend on interoperable ecosystems—where insurance, taxation, digital identity, and credit infrastructure work in sync.
“The trillion-dollar conversation is not about a number,” she says. “It is about building systems that can sustain prosperity.”
She calls on industry leaders, regulators, and policymakers to move beyond incremental adjustments toward holistic system design.
For Nigeria, the convergence of NIIRA 2025 reforms and the new tax law could mark the beginning of a structural transformation—if properly executed.
“Insurance gives stability. Tax gives structure. Digital identity gives visibility,” she says. “Put them together, and you have the foundation of a modern economy.”
As Nigeria recalibrates its economic architecture, Adebisi’s message is clear: growth will not happen by chance.
“It is our turn to build.”
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